July 28, 2014 / 10:41 AM / 3 years ago

UK's FTSE propped up by rally in Reckitt shares

* FTSE 100 up 0.1 pct

* Aberdeen AM falls after suffering outflows

* Reckitt rises on higher sales and unit spin-off plans

By Sudip Kar-Gupta

LONDON, July 28 (Reuters) - Britain’s top equity index crept higher on Monday, supported by solid results at consumer goods company Reckitt Benckiser which offset a slump at Aberdeen Asset Management.

The blue-chip FTSE 100 index was up by 0.1 percent, or 7.60 points, at 6,799.15 points in mid-session trading.

A 2.6 percent rise at Reckitt added the most points to the FTSE 100 after the company posted higher first-half sales and said it planned to spin off its heroin-addiction treatment unit in the next 12 months.

“Reckitt posted decent numbers and that should lift the sector,” said TJM Partners’ head of trading, Manoj Ladwa.

However, fund management company Aberdeen Asset Management fell 3.1 percent, making it the worst performing FTSE stock in percentage terms, after the company suffered outflows.

The FTSE 100 remains some 1 percent below peaks reached in May and early July.

Global equity markets have been pegged back this month due to tensions between Russia and Ukraine. A total of 298 people were killed on July 17 when a Malaysian passenger plane was shot down over rebel-held territory in eastern Ukraine, where Kiev’s forces are fighting pro-Russian separatists.

However, Berkeley Futures’ associate director Richard Griffiths said traders had been encouraged by the FTSE’s relative resilience, with many investors expecting the index to hit a record high of 7,000 points later this year as Britain’s economy continues to strengthen.

“The FTSE is showing signs of strength,” he said. (Additional reporting by Francesco Canepa; Editing by Gareth Jones)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below